So i saw a few documentary shows on netflix and a few podcast that touch on it and just learned this term "peak oil"

What's your take on it ?

the volume of recoverable petroleum is undeniably finite, so the concept
is valid.  the original model was based on a production curve with a defined
shape.  the shape of the production curve has changed since king hubbert came up
with the idea when thinking about texas production.  the situation is probably
worse now, as peak production will be followed by a much more rapid decline in
production. 

Our children and their children will live in a world very different then what we are used to today. 

It is keeping me employed rather well.

The technology to recover oil is continually developing and there is a marked emphasis shift towards shale gas recovery.  The reserves of the latter are huge.

It's the prevalent hypothesis but it assumes that all crude oil is fossil based.

The competing hypothesis of abiotic oil says that crude comes from other processes which are unique to the Earth's internal system and that wells could replenish themselves if conditions are right.

Old article, but it covers the issue well and gives examples of oil wells replenishing and oil being found where none should be (if fossil fuel is the only theory)

http://money.cnn.com/magazines/fortune/fortune_archive/2003/02/17/337289/index.htm

Quote from: ducatiz on November 08, 2011, 09:59:01 AM
http://money.cnn.com/magazines/fortune/fortune_archive/2003/02/17/337289/index.htm

See also this article:

http://en.wikipedia.org/wiki/Wishful_thinking

The oil reservoirs are trapped hydrocarbons that have leaked out of the shale formations into more porous areas capped by impermeable formations.  In a sense, yes they will replenish, but at a verrrrrrrry slow rate and only as much as the shale formations have hydrocarbons to bear.